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Mobile and Online Banking: What You Need to Know

    If you are someone (or know someone) who uses online banking or mobile banking, you have come to the right place. When it comes to mobile banking, the process can be a bit overwhelming as finances are a touchy subject. That said, the importance of mobile banking is significant, as the use such a system can help people better manage their finances and ensure they make smart money decisions. Keep reading below for additional information pertaining to mobile banking.
    1. Consider that 70% of Americans (or 174 million Americans) have at least one credit card which means they likely have a bank that card is associated with.

    Based on the most recent research from the Federal Reserve, 70% of consumers indicate that they own and use at least one credit card. That is nearly 174 million Americans that have credit in their name, as well as an associated account. For that reason, people should do what they can to utilize online banking services as they can help manage the credit that people have. Additionally, they can help ensure that people avoid debt and poor financial decisions.

    2. Keep in mind that a majority of Americans believe that the United States will become a cashless society, in which people rely on credit and debit card for payment.

    According to a July 2016 Gallup poll, approximately 60% of Americans agree with the statement: “the United States will be a cashless society, in which all purchases are made with credit cards, debit cards and other forms of electronic payment.” This means, the people strongly feel that cash is becoming obsolete, and people are relying on credit and debit cards. That isn’t necessarily a bad thing, but people need to make sure they closely monitor their cards as they can be hacked (something that isn’t true for money). Consider online banking services to help watch over your finances and ensure that your money is protected.

    3. Be sure to pay extra attention if you are a millennial, as millennials are more likely to de in debt and likely to make less money than baby boomers.

    Not only are Millennials in more debt than their parents, but the average salary of a millennial is 20% lower than the average salary of baby boomers that were the same age. This is a big deal because it means that millennials aren’t making as many smart financial decisions. If you are a millennial or know one, consider the perks of using online banking to help monitor your credit and debt to ensure that you make smart money moves.

If you found these tips helpful, then you are on the right track to learning about the various factors associated with mobile banking. When it comes to mobile banking services, one can feel overwhelmed, but keep the aforementioned tips in mind as they help reiterate why you should use mobile banking. First, consider that 70% of Americans (or 174 million Americans) have at least one credit card which means they likely have a bank that card is associated with. Second, consider that a majority of Americans believe that the United States will become a cashless society, in which people rely on credit and debit card for payment. Lastly, be sure to pay extra attention if you are a millennial, as millennials are more likely to de in debt and likely to make less money than baby boomers.

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